Rhys BerrySpain’s Cepsa has signed a €285 million loan agreement with the European Investment Bank (EIB) for the construction of an advanced biofuels plant in Andalusia.
As previously reported by ship.energy, the plant, which Cepsa is building together with Bio-Oils, will produce sustainable aviation fuel (SAF) and renewable diesel (HVO), from organic waste such as used cooking oil or from agricultural waste. Once operational, the facility is expected to process as much as 600,000 tonnes of waste and produce up to 500,000 tonnes of second-generation biofuels annually.
‘This loan is a clear example of how the EIB promotes the energy transition also in hard to abate sectors. This project will contribute to make Spain one of the leading countries in the production of biofuels,’ said Gilles Badot, director of EIB operations for Spain and Portugal. ‘Supporting private companies like Cepsa, which are investing in this transition and advancing their own decarbonisation strategies, is one way the EIB is accelerating the transition to a more sustainable energy model that promotes EU energy autonomy.’
Maarten Wetselaar, Cepsa’s CEO, added: ‘We are grateful for the EIB’s support to this project, which is key to our Positive Motion strategy and to Spain’s and Europe’s progress towards the necessary energy independence. This plant will enable us to take a giant step forward in the production of green molecules, with the aim of facilitating the immediate decarbonisation of land, sea and air transport by reducing CO2 emissions by up to 90% compared with traditional fuels.’
Image: Cepsa
Tom Barlow-Brown
